Limited liability partnership

day-to-day operations. A sole partnership advantages include, creation is easy, proprietor is in total control of management, proprietor keeps all profits. Disadvantages include Proprietor is personally liable for all losses, funding is limited to personal funds and loans (Dynamic Business Law, 2016). I do not feel a sole partnership would be possible in this case as there is more than one proprietor in this business. Jeb and Josh have established a partnership in opening Arcadia Sports. The…

not sure Wanda understand the different between a corporation and a partnership. I would have to determine the reasons for Wanda hesitation. Does she believe that starting a business with a non believe goes against biblical teaching, or is she worry that a non-believer ethics and values may be so different from her own that she is at risk for potential liabilities partnering with a non-believer. If she is concern that a partnership with a non-believer goes against biblical teaching in general,…

remains a limited liability company from a legal standpoint, but for tax purposes it will be treated as an S corporation. While members of an LLC are subject to employment tax on the entire net income of the business, only the wages of the S corp shareholder who is an employee are subject to employment tax. The remaining income is paid to the owner as a "distribution," which is taxed at a lower rate, if at all (sba.gov). The chosen legal structure will provide Crystal Interiors with the…

Starting a New Health Care Service Company The case study involved the dilemma regarding the form of ownership for a health care service company called New Health Claim Processing. The co-founders, Peter and Jennifer, decided to start a business model to process claims at a very low cost while providing a high degree of customer service. They invited Andy and Grace to draft a business plan and eventually appointed Michael as a CEO. During the presentation, Michael handled the ownership…

the potential personal liability to ACME Fireworks if a spectator is injured by a stray firework from a fireworks display. The contract will also discuss employment types and relationships relevant to agency law, and analyze the advantages and disadvantages of each type specific to ACME Fireworks. After reviewing these factors of a contract, then will we be able to determine what type of business entity we should…

it is taxed. This organization secure the owner's personal assets from financial liability and provides some protection against personal liability. There are situations where an LLC owner can still be held personally responsible, such as if he intentionally does something fraudulent, reckless or illegal, or if she fails to adequately separate the activities of the LLC from her personal affairs.In a limited partnership, one partner is responsible for decision-making and can be held personally…

Mini Case (p. 45) A. Why is corporate finance important to all managers? Managers of a company must know the finance of a company as this help managers to know the health of the company and can act accordingly with a common guideline .Suppose a marketing manager going to market to sell the company’s products .and he does not know the company is running financial trouble and products are not matching proper quality standards and unfortunately the products are sold to the customers .The…

can hinder the owner from starting or expanding his/her business. Another disadvantage is the limited lifespan of a sole proprietorship. In the case of death, bankruptcy, imprisonment or incompetence of the owner, the business is legally ended. Other businesses are often discouraged to make long-term nancial commitments to the sole propri- etorship due to its unreliable lifespan.[2] The unlimited liability for debts is also a major disadvantage. This means that creditors…

lawyers and they are former partners of Bennett Cochran, L.L.P., a Texas limited liability partnership. However, they have no written partnership agreement. Cochran brought suit against Bennett seeking to recover damages for representations Bennett allegedly made regarding the formation of a law partnership. Bennett filed a counterclaim against Cochran alleging, among other things, breach of partnership agreement and partnership duties and fraud. A jury found Bennett liable for negligent…

A. Describe who will be the CEO and his/her qualifications/experiences in the product/service industry, including both education and work and other relevant experiences. As a limited liability company, Sergeant’s Smokehouse has chosen to adopt a member governing authority in which the rights and responsibilities of the restaurant are evenly distributed between its members. As such, Sergeant’s Smokehouse will not have an individual Chief Executive Officer. Under a member governing authority,…